Australia Consumers are most satisfied with the post-fraud service of banks and insurances companies

More than 70% satisfaction rate compared to 59.7% on average

Impact: Increased trust in BFSIs

Observations

BFSI have the most superior capabilities in fraud management–in speed of detection, accuracy, and contextualization.

Indonesia Consumers that encountered most fraud incidents in the past 12 months

49%

34.7%

AP Average

49.8% have experienced fraud at least once compared to 34.7% on average

Impact: Overall anti-fraud capabilities need improvement

Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

Singapore Consumers have the highest trust towards government

AP Average

75.5% choose government agencies, compared with 51.7% on average

Impact: Trust of personal data protection is centered around government agencies

Observations

BFSI seeks to increase consumer trust by investing in data quality and data management issues, and in new technologies (e.g., AI, biometrics).

Vietnam Consumers encountered most fraud incidents in retail and telco during the past 12 months

55%

TELCO

54.5%

RETAIL

AP Average

32.8%

TELCO

35.2%

RETAIL

55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average

Impact: Overall anti-fraud capabilities need improvement

Observations

The rapid deployment of fiber to the home and LTE mobile broadband is accelerating the need for customer analytics and collections and fraud management by telcos; retailers are most concerned about employee fraud, because ofiine is a larger sales channel.

Impact: Response time as one of key factors to fraud management to retain customers and gain their trust

Observations

Companies are generally weak in fraud management, but could be inﬂuenced by customers being more tolerant of fraud.

India as standalone Consumers have the largest number of shopping app accounts in the region

Average of three accounts per person

Impact: Highest exposure to online fraud

Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

Majority of companies realize that they have moderate capabilities in fraud detection.

China Consumers are the most tolerant toward submitting and sharing of personal data

AP Average

46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities

Impact: higher exposure of data privacy and risk of fraud

Observations

Companies have moderate capabilities in fraud detection, but majority believe that improvements are required in areas of fraud resolution for better assistance to victims of fraud as consumers increasingly face more fraud risks.

Japan as standalone Consumers most cautious on digital accounts and transactions

50.7%Actively maintain digital accounts’ validity

27%AP Average

45.5%Do not do online bank transfers

13.5%AP Average

More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average

Impact: Relatively low risk of fraud

Observations

Spurt in digital activity in the recent past has initiated investment in new technologies (i.e., robotics, AI, machine learning, biometrics) for better fraud detection and improved contextual marketing. The industry is working in collaboration with third-party agencies on alternative data sources, and is open to work with fintech companies.

Sep 12 2018 /

Experian

Enhancing Financial Access through Financial Marketplaces

Experian recently led an over-subscribed US$28m Series C Investment in C88 financial technologies (C88) to drive financial inclusion Across Southeast Asia. As parent company and operator of Indonesia’s CekAja.com and Philippines’s eCompareMo.com, the top financial marketplaces in their respective countries, C88 has served more than 50 million consumers since 2013 – a number which is fast rising and expected to continue its trajectory with their expected expansion into Thailand.

For financial institutions and lending organisations, this means access to previously unavailable unbanked or underbanked segments. And for consumers, this means access, and better matching to eligible products especially for consumers with little financial history, as well as reduced friction in verification and processing processes on both organisation and consumer ends.

The investment and partnership reinforces our commitment to financial inclusion in Asia, following other investments across the region.

For more information on how Experian can help you in your digital transformation journey, please fill out the contact form below.